BSV drops after Robinhood news

• Bitcoin SV dropped from highs near $45 to lows of $37 on major crypto exchanges.
• The BSV price fell as the market reacted to news from online trading app Robinhood, which will remove the coin from its crypto offerings later this month.
• BSV is a cryptocurrency forked from Bitcoin Cash in 2018.

Bitcoin SV price fell more than 15% on Wednesday, trading down from highs near $45 to hit lows of $37 on major cryptocurrency exchanges.

According to data from CoinGecko, the price of the native Bitcoin SV blockchain token had risen over the past week as crypto began 2023 with a relief rally.

But on Wednesday, the Bitcoin fork token plummeted amid news from online trading app Robinhood. Per a crypto update the platform provided on its website, support for BSV will end on 25 January 2023 at 06:59 pm ET.

What does this mean for users?

According to Robinhood, customers can still buy, sell, hold or transfer BSV up to the indicated deadline. But while this is possible until then, the trading app will sell any BSV still held in Robinhood Crypto accounts at market value, the statement warned customers. 

Once this step is taken, any proceeds from BSV sales will be credited to customers’ accounts.

Robinhood explained its delisting of the BSV coin as a result of a regular review of the platform’s crypto offerings. As of the announcement, the decision did not impact any other coins, with the statement emphasizing that users’ crypto remained safe on Robinhood.

Bitcoin SV, or Bitcoin Satoshi Vision at the time of its fork from the Bitcoin Cash (BCH) coin in 2018, was trading around $40 at 13:02 pm ET. It remains more than 10% down in the past 24 hours and is over 91% down from its all-time high of $489 reached in April 2021.